Full Wang International Development Co. Ltd. (6219) AI Stock Analysis

Full Wang International Development Co. Ltd.

(TPEx:6219)

Select Model

Rating:45Neutral

Price Target:TWD 9.50▼(-8.21% Downside)

Action:initiatedcoverage

Date:11/09/26

Full Wang International Development scores low primarily because of deteriorating fundamentals: a 42% revenue decline, margin compression, a swing to a net loss, extremely high leverage near 5.8x debt-to-equity, and a second consecutive year of large operating cash outflows that force reliance on bank funding. Technicals reinforce the caution, with the price trading well below all major moving averages and negative MACD momentum, though deeply oversold RSI and Stochastic readings leave room for a relief bounce. A low P/E near 10.7x and a 6.7% dividend yield provide some valuation cushion, but their durability is uncertain given the loss and negative cash generation. Upside hinges on successful project completions converting the development pipeline into revenue and cash, as occurred in 2024.

Positive Factors

Reported Revenue GrowthReported revenue growth of 9.98% indicates the company has demonstrated top-line expansion in the measured period. If maintained, that growth can provide a foundation for operating scale and future earnings recovery, although the latest annual results were weaker.

Negative Factors

High and Rising LeverageVery high and rising debt relative to equity leaves the company with limited balance-sheet protection if asset values or sales weaken. The thin equity cushion increases refinancing and liquidity pressure, while negative 2025 ROE shows how quickly leverage can amplify poor results.

Full Wang International Development Co. Ltd. (6219) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 1.30B
Dividend Yield: 6.44%
Average Volume (3M): 101.09K
Price to Earnings (P/E): 11.2
Beta (1Y): 0.37
Revenue Growth: 9.98%
EPS Growth: -32.64%
Country: TW
Employees: 169
Sector: General
Sector Strength: 55
Industry: Real Estate - Diversified

Full Wang International Development Co. Ltd. Business Overview & Revenue Model

Company Description

Full Wang International Development Co., Ltd. primarily focuses on the real estate market in Taiwan. The company's diverse property activities include the construction, development, and commercial trading of real estate, alongside providing leasing a...

Full Wang International Development Co. Ltd. Financial Statement Overview

Summary

Financials are weak across all three statements. Revenue fell roughly 42% from the 2024 peak to NT$2.77bn, gross margin compressed to 14.9% from 25.8%, and the company swung to a NT$95mn net loss. The balance sheet is aggressively leveraged, with debt rising to NT$11.5bn against just NT$1.99bn of equity (about 5.8x debt-to-equity) and equity funding only ~13% of assets. Cash flow is the weakest link, with operating cash outflows of NT$1.83bn and negative free cash flow for a second straight year, leaving the company reliant on external borrowing. Partial offsets include continued positive gross profit, a much smaller loss than the severe 2022 downturn, and ~20% asset growth tied to a development pipeline that could convert to revenue in future recognition cycles.

Income Statement

33Negative

Balance Sheet

26Negative

Cash Flow

18Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	4.04B	2.77B	4.77B	2.60B	578.02M	3.19B
Gross Profit	711.73M	413.98M	1.23B	553.51M	154.19M	700.73M
EBITDA	327.57M	73.71M	758.58M	259.39M	-911.00M	166.91M
Net Income	117.09M	-95.19M	604.96M	193.11M	-977.66M	67.82M
Balance Sheet
Total Assets	14.53B	15.86B	13.27B	10.29B	9.69B	10.67B
Cash, Cash Equivalents and Short-Term Investments	1.50B	1.41B	1.29B	1.43B	822.13M	2.71B
Total Debt	10.78B	11.48B	8.94B	6.58B	7.00B	7.03B
Total Liabilities	12.55B	13.87B	11.16B	8.80B	8.83B	8.79B
Stockholders Equity	1.98B	1.99B	2.10B	1.49B	863.26M	1.88B
Cash Flow
Free Cash Flow	-1.20B	-1.93B	-2.15B	-90.60M	-1.10B	206.24M
Operating Cash Flow	-1.15B	-1.83B	-1.85B	-73.97M	-1.08B	233.46M
Investing Cash Flow	-383.34M	-443.42M	-500.68M	536.03M	649.20M	-497.77M
Financing Cash Flow	1.71B	2.49B	2.36B	-12.07M	-41.72M	73.36M

Full Wang International Development Co. Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6219 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:5548	68Neutral	TWD 1.25B	10.40	―	5.02%	11.28%	2.68%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:9929	54Neutral	TWD 1.10B	22.60	―	―	4.36%	―
TW:9902	51Neutral	TWD 1.31B	23.42	―	2.25%	63.00%	1800.55%
TW:6219	45Neutral	TWD 1.29B	11.22	―	6.44%	9.98%	-32.64%
TW:2712	43Neutral	TWD 1.29B	-47.13	―	―	25.09%	72.18%
TW:1453	38Underperform	TWD 1.21B	15.21	―	―	4.78%	―

* General Sector Average

Performance Comparison

TW:6219 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6219	Full Wang International Development Co. Ltd.	10.35	-9.60	-48.12%
TW:1453	Ta Jiang Co., Ltd.	10.40	-1.59	-13.26%
TW:2712	Far Glory Hotel Co., Ltd.	12.30	-6.95	-36.10%
TW:5548	Ancang Construction Co., Ltd	19.70	0.77	4.06%
TW:9902	Tidehold Development Co., Ltd.	13.35	-3.85	-22.38%
TW:9929	Choice Development, Inc.	10.85	0.40	3.83%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 09, 2026

Full Wang International Development Co. Ltd. AI Stock Analysis